Why is Obama punishing Wall St, when Dems in Govt caused the 2008 crash?

[mark francis]

If anyone got a mortgage, then that means that they managed to live indoors for as long as they resided in that home.

And the other mortgage holders, who did NOT default were given even more help.

Are you referring to Obama's role in creating the mortgage crisis or are you talking about Mamdani's plan to force property owners to rent their properties to blacks for free?

 

[Gabriel_Bell]

Are you referring to Obama's role in creating the mortgage crisis or are you talking about Mamdani's plan to force property owners to rent their properties to blacks for free?

Mamdani has no proposals to force slumlords to provide free housing. Obama did not cause any mortgage crisis and nothing Obama did has anything to do with your lies about Mamdani.

 

[mark francis]

Mamdani has no proposals to force slumlords to provide free housing. Obama did not cause any mortgage crisis and nothing Obama did has anything to do with your lies about Mamdani.

I see why leftist democrats don't think communism is a bad thing.

 

[Gabriel_Bell]

I see why leftist democrats don't think communism is a bad thing.

Rent controls are not a Communist thing. In China the government assigns housing to tenets and they are normally given a lifetime to rent their homes. The rent paid covers maintenance, utilities and trash disposal. When the tenants die, the local government reassigns the home, with the preference being given to the children of the former tenants. Rents are quite affordable.

Mamdani is not a communist and you are hopelessly ignorant about communism. You are a liar and should STFU.

 

[Phoenix68]

The Left couldn't beat the Right....

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Gee...you're quite the historian, aren't you??!!!
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Where Would We Be, Without Democratic Economies???!!!!!
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[mark francis]

Rent controls are not a Communist thing. In China the government assigns housing to tenets and they are normally given a lifetime to rent their homes. The rent paid covers maintenance, utilities and trash disposal. When the tenants die, the local government reassigns the home, with the preference being given to the children of the former tenants. Rents are quite affordable.

Mamdani is not a communist and you are hopelessly ignorant about communism. You are a liar and should STFU.

Mamdani is not proposing any new housing policies but instead will just be continuing old housing policies favored by democrat communists.

 

[Phoenix68]

Are you referring to Obama's role in creating the mortgage crisis.....

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"U.S. Economy Screwed" - Lil' DUMBYA'S Economy!!!!
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[mark francis]

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"U.S. Economy Screwed" - Lil' DUMBYA'S Economy!!!!
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If Obama was not good at other things he was great at blaming others for problems he helped create.

 

[Phoenix68]

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WAY TO GO, SPANKY!!!!
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[Phoenix68]

Why is Obama punishing Wall St, when Dems in Govt caused the 2008 crash?​

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Barack Hussein Obama Is THE GREATEST President of Modern Times!!!
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[mark francis]

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Barack Hussein Obama Is THE GREATEST President of Modern Times!!!
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Government officials deregulated the mortgage industry in 2000, severely lowering credit standards to make home loans more available to blacks, and that resulted in the Wall Street excesses that led to the 2008 banking collapse.

AI

Efforts to Expand Black Homeownership and the 2008 Housing Crisis

Efforts to increase Black homeownership in the late 20th century — most notably through the Fair Housing Act of 1968 — were intended to dismantle decades of systemic exclusion. Redlining, discriminatory lending, and denial of the GI Bill’s benefits had kept Black families from building wealth through property ownership Forbes+1. The Fair Housing Act banned racial discrimination in housing transactions, opening the door for Black Americans to access the robust housing market that had fueled white middle-class wealth.

However, after decades of exclusion, Black communities were predatorily included into the housing market in the 1990s and 2000s. Instead of equitable access, many Black borrowers were disproportionately targeted for subprime loans — high-cost, adjustable-rate mortgages that became unaffordable when housing prices fell Dissent Magazine+1. By 2006, more than half of Black homebuyers used subprime loans, compared to just 22% of white buyers Center for Retirement Research. These loans often stripped equity and left borrowers vulnerable to foreclosure.

When the housing bubble burst in 2007–2008, the effects were especially severe for Black homeowners. They were 50% more likely than whites to receive subprime loans, and foreclosures hit minority neighborhoods harder Dissent Magazine+1. The collapse wiped out decades of hard-won financial gains, with nearly half a million Black Americans at risk of foreclosure by 2010 and over 240,000 losing their homes by 2014 Dissent Magazine. Home equity, often the most valuable asset, was eroded, and homeownership rates for Black Americans fell sharply — from about 42% in 2016 to levels last seen in the 1990s Center for Retirement Research+1.

The 2008 crisis thus erased the gains of the Fair Housing Act’s promise. While the Act was a landmark step toward integration, its implementation coincided with aggressive, discriminatory lending practices that exploited the very access it created. As a result, the racial wealth gap — already large — widened, with the median white family’s wealth in 2007 being eight times that of the median Black family, and by 2013 eleven times Dissent Magazine.

In short, the effort to expand Black homeownership did not lead to the collapse — the collapse was the consequence of predatory inclusion into a housing market that was not yet regulated to protect vulnerable borrowers. This combination of policy change and market failure deepened racial inequality for generations.